What if you’re going to sell a property you inherited but it’s still in the name of your parents? How should you pay the estate taxes of your deceased parents? Where should you pay the estate tax for each of them?
A lot of the properties we help buy or sell, are usually inherited properties that are still in the name of the parents, grandparents, or even siblings of grandparents. And the big problem here which complicates the sale is that all their estates have not yet been settled.
This is the question of one of our viewers, Anthony and he writes:
“Property is located in QC with both names under mother and father. Mother died in the province as indicated in the death cert. Father died in QC as indicated in death cert. My Father died a few years after my mother. Will the estate tax be settled 50% in the province and 50% in QC?”
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Now, let's get on with the show.
If you’re having issues transferring your land or have issues transferring the properties of a loved one who passed away, we have something that can help. We recorded an FAQ session where we answered the most common questions related to estate settlement. You can access the recording by going to www.legalaccess.ph and choosing the estate settlement topic there.
Welcome to Legal Guide Philippines where we simplify the law to help you make better choices. I'm Atty. Erwin Zagala and I'm with my partner, Atty. Ramon Ramirez.
We will discuss today is related to estate settlement. What if there are multiple owners of property inherited.
- Before you can sell a property you inherited, you need to first settle the estate of the person you inherited the property from.
- How do you compute the tax?
- Where do we settle the estate tax of a deceased person?
Additional Resources
For most of you, this lesson was more than enough, and if it makes your life easier, then you're welcome. But there are some of you who will watch this episode and end up asking more questions, such as, Attorney, how do we determine what to put in the estate? How do we determine who are the heirs? Or Attorney, what’s the complete process of transferring the properties?
If that's you, then we invite you to check out the "Estate Settlement Guide" workshop (NOT A BOOK) in as little as 1 hour, we give you a CRASH COURSE ON SUCCESSION LAW and a GENERAL ROADMAP OF THE ENTIRE ESTATE SETTLEMENT FRAMEWORK. With this guide, you will know exactly where you are in the process regardless of whether you are doing it on your own or if you have hired someone to assist you. You can access this workshop at info.legalguide.ph/estate today.
One last thing...if you or your family has land, condos other real properties, it will be inevitable to deal with the settlement of the estate. Paying taxes, transferring the properties…delaying or even avoiding this, will make it more difficult to deal with the properties later on. Let’s start asking the right people the right questions on how to get the estate settlement process started.
So wasn't that simple? Now go make better choices.
